Benefits of Hedging with Index Options

After noticing increased volatility in the equity markets, the portfolio manager at Beta Wealth Advisors has decided to utilize options to hedge the firm's equity positions. The manager considers two strategies: using put options on individual stocks within the portfolio or purchasing a put option on an index ETF that tracks the overall market.

During a team meeting, different members presented pros and cons of each strategy. Some members argued that using individual stock puts would provide more targeted protection against specific risks, while others suggested that index puts would provide broader market exposure with potentially lower transaction costs.

What is the primary benefit of using put options on an index ETF rather than individual stocks when hedging against market downturns?